They released a statement which said: “The SPL board heard a report from its solicitors following the investigation into payments to, or for the benefit of, players allegedly made by Rangers outside of contract. The delay in concluding the investigation was caused by an initial lack of co-operation from Rangers. The investigation has been completed and, in the view of the SPL, there is a prima facie case to answer.

“Disciplinary charges will be brought when the future status of Rangers is clarified and prior to the start of season 2012-13.”

Rangers’ use of Employee Benefits Trusts over a 10-year period was the subject of a long-running tax tribunal which concluded in January but has yet to return a verdict.

The SPL later began its own probe. The lawyers went through paperwork which was eventually submitted with a fine tooth comb and have decided there is enough evidence to warrant proceedings.

Charles Green currently holds the key to Rangers although former manager Walter Smith is heading up a consortium which hopes to grab control.

SPL chief executive Neil Doncaster refused to comment on punishments which could be meted out but Record Sport understands the sanctions will be severe with expulsion, providing they are allowed back into the top flight in the first place, a possibility.

Doncaster said: “An application for registration of transfer of Rangers’ SPL share has been received.

“Consideration of that will depend on receipt by the board of required documentation and verification.

“I would not like to say much more than that at this stage.

“I would just like to reiterate really what was said in our statement after the board meeting.

“It’s fairly straightforward what happens next and, as such, I wouldn’t wish to comment further at this moment.”

Green has submitted an application for re-entry and the Yorkshireman will find out in a fortnight whether his £5.5million purchase will be re-born on the fourth of July. With uncertainty over Rangers’ status for season 2012-13, their name was replaced by “Club 12” in the SPL fixture list released yesterday morning.

It still remains unclear whether Dunfermline, who were relegated last season, or First Division One runners-up Dundee would replace Rangers in the event that the newco is not admitted to the top flight.